South Korea’s Samsung Ventures Investment Corp. has invested in Brossard, Québec-based Distech Controls Inc., a developer of building management technologies and services for optimizing energy efficiency. Samsung joined the Caisse de dépôt et placement du Québec, EnerTech Capital, Export Development Canada, Fonds de solidarité des travailleurs du Québec (FTQ) and W2 Investments in the $38 million financing announced in March. Funds will be used to accelerate Distech’s global growth and development, which includes making acquisitions.
Distech Controls Continues Its Development by Welcoming New Investors, Including Samsung Ventures
Brossard, QC and Seoul, Korea (PRWEB) May 22, 2013
Samsung Ventures Investment Corporation, Seoul, Korea (Samsung Ventures), and Distech Controls Inc, an innovation leader in energy management solutions, jointly announced that Samsung Ventures has become a shareholder of Distech Controls.
Samsung Ventures with the Caisse de dépôt et placement du Québec (CDPQ), Export Development Canada (EDC), EnerTech Capital, Fonds de solidarité FTQ, W2 Investments, announced a total investment of $38-million (CAD) in Distech Controls. They join Distech Controls’ existing group of investors and founder, President and CEO of Distech Controls Inc, Étienne Veilleux, as shareholders.
The investment will expand Distech Controls’ capital base and the proceeds of this financing will be used to accelerate the company’s growth plan and development roadmap worldwide, including acquisitions.
“As a company in the energy management solutions and green technology space, we feel that it is critical to bring together the right team internally as well as the right financial partners to help us best serve the needs of our customers and partners. We have definitely accomplished this goal, bringing together both the capital required to fuel our growth strategies as well as a fantastic group of investors that support mission-driven companies,” said Étienne Veilleux, President and CEO of Distech Controls Inc. “This positions us to accelerate our development globally and our continued investment in our unique products and solutions, as well as support our strategic plan, including acquisitions of complementary businesses, to take advantage of significant opportunities for Distech Controls in the marketplace.”
“Our investment in Distech Controls is consistent with our strategy to work closely with established market leaders,” said Michael Pachos, Senior Investment Manager at Samsung Ventures. “Distech Controls is a technology leader and has built a significant business in energy management solutions and building controls. The company has demonstrated both a technical and business vision in driving the adoption of advanced controls and energy management solutions, and we look forward to contributing to the progress of Distech Controls.”
About Distech Controls
An innovation leader in energy management solutions, Distech Controls provides unique building management technologies and services that optimize energy efficiency and comfort in buildings, all the while reducing operating costs. We deliver innovative solutions for greener buildings through our passion for innovation, quality, customer satisfaction, and sustainability. Distech Controls serves multiple market segments through its worldwide business divisions, service offices and a superior network of Authorized Partners. http://www.distech-controls.com
About Samsung Ventures
Samsung Venture Investment Corporation is the Venture Capital arm of the Samsung Group with offices in Seoul, Silicon Valley, Boston, London and Tokyo.
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